Hexion Holdings Corp. has entered into an agreement to be acquired by affiliates of American Securities LLC. The transaction is expected to close in the first half of 2022, following and conditioned upon the closing of the company’s previously announced sale of its epoxy business to Westlake Chemical Corp.
Hexion remains a leading global producer of adhesives and performance materials that enable the production of engineered wood products and other growing specialty materials. The company has 27 manufacturing facilities globally and 1,300 employees.
Craig Rogerson, Chairman, President and CEO, comments, “This transaction, along with the pending sale of our epoxy business, is the conclusion of a comprehensive evaluation of strategic actions aimed at maximizing value for our shareholders and best positioning the company for long-term growth. American Securities has a proven track record of partnering with leading companies and its associates to drive collaborative success. Operating under American Securities’ ownership, Hexion Holdings has a bright future and is poised to build on its momentum and continue its record of delivering innovative, high-quality products and service to customers.”
SmartLam North America announced several major projects that will have a significant impact to the mass timber industry. SmartLam North America, which is the first U.S. manufacturer and is reportedly the largest manufacturer in North America of cross laminated timber (CLT), announced it will build a $50 million glulam…
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